Oberoi Realty secures Gurugram land for luxury residential project; RERA registration status provided

Oberoi Realty secures Gurugram land for luxury residential project; RERA registration status provided​

Oberoi Realty Limited has established its presence in the NCR region by executing an agreement for sale concerning a parcel of land in Gurugram, Haryana. The transaction marks a key step toward the development of a luxury residential group housing project.

The acquisition details were formalized via an Agreement for Sale executed with Ireo Residences. The company acquired the land, which measures 14.816 Acres or 59,956.20 square meters, in Gurugram.

The consideration structure for this transaction involves event and time linked monetary payment of up to Rs. 597 Crore, supplemented by a certain area measurement of FAR (Millionsquarefeet) within the project intended for existing homeowners. Upon execution of the agreement, the company took possession of the land.

Project Status and RERA Requirement​

Regarding the status of the project, Oberoi Realty confirmed that while the project has been registered with Haryana RERA, the final registration number and certificate generation are still in process and have not yet been received by the company.

The company noted that registering a real estate project with the concerned RERA authority is a customary procedural requirement under The Real Estate (Regulation and Development) Act, 2016, representing one of several mandatory approvals in the development lifecycle of real estate projects.

Land Acquisition History​

The land acquisition, which represents Oberoi Realty's foray into the NCR region, took place in November 2023. At the time of acquiring the 14.8-acre parcel in Gurugram, the company stated its intention to primarily develop a luxury residential group housing project on the site.

This development project has been routinely discussed at quarterly post earnings conference calls regarding results and business updates, with audio recordings and transcripts being made available. The public is aware of the impending launch of the residential project, for which RERA registration constitutes one crucial milestone.

LT Stock Price Movement​

Today, shares of Larsen & Toubro Limited gained 0.13%, settling at ₹4181.70 following the post-market session. The stock saw considerable trading volume during the day, with over 1.36 million shares exchanged in the market.